PHYSICSWALLAH LIMITED

Operates an Indian test-preparation and education business combining a free-content engine with paid online and offline coaching. The online segment contributed about 51% of revenue in Q3 FY26 and grew 38% year-on-year, while the offline Vidyapeeth network contributed about 46% and grew 26%. The free funnel rests on more than 250 YouTube channels feeding a 3.4 million daily-active-user app with average engagement of 106 minutes per day, generating paid conversions at what management describes as zero customer acquisition cost. K-12 is the strategic centrepiece, with INR 400 crore already deployed across the Curious Junior product, the School Integrated Program and brick-and-mortar schools — three schools are currently running and eight more are being added (four brownfield, four greenfield). Adjacent categories are being seeded through acquisitions such as Sarrthi IAS for UPSC preparation (now a 51%-owned subsidiary) and new verticals covering state boards, vernacular languages, CLAT, NEET PG and IIT JAM. The biggest cost line is employees at 48.9% of revenue, while materials are only 2.6% and capex sits at 8.2%; the company carries INR 5,000 crore of treasury post its INR 3,100 crore IPO and plans 70 new offline centres in FY27 at a INR 200 crore outlay.